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Jan 10, 2013 8:00pm EST
haywire. because 2011's debt ceiling showdown was an expensive game of chicken. it's estimated borrowing costs increased by about $1.3 billion in that year alone and a total of $19 billion over the next 2k5ikd. keep in mind in 2011 we didn't even breach the debt ceiling. big business, wall street, the job creators can't afford another round. these reliable republican allies are saying basically, enough is enough. even karl rove seems to have recognized republicans are in a desperate situation. in his latest "wall street journal" column he rewrites history again, claiming republican leaders never said that they were willing to put the country into default. we're seeing what's behind the curtain. the debt ceiling does not give republicans the leverage they claim to have. in fact, even claiming leverage seems to have put them in a worse position. and made the division within their own party clearer than ever. the tea party extremists seem willing to commit economic sabotage. and the more practical business-minded republicans are doing their very best to talk them right off the ledge. there'
FOX Business
Jan 4, 2013 11:00am EST
really believed in free markets, when it we just not have a debt ceiling? you'll not be able to borrow more money, interest rates will shoot up. why do we need a limit? >> as far as principals, we do not. congress wants to have a say in their overall issue of that. we already have evidence that it is too high. countries at our level of debt grow more slowly. that is not doubt and that is what the president needs to focus on. connell: our point here is that we talked about this a number of times, they will get their act together in washington when they are forced to. they will say -- when interest rates shoot up to a level that hurts us, then, they will cut spending. this debt limit negotiation comes up every so often and creates all this nonsense and drama. we know they will raise the debt limit at the end of this, they always do. >> and they should, quite frankly. somewhere between january and august of this year, it is imperative that this country take a different course and entitlement spending programs. the numbers add up to something that is unsustainable. the u.s. needs to get th
FOX Business
Jan 8, 2013 5:00pm EST
in boston yesterday. >>> to our top story a debt ceiling disaster could be coming sooner than expected. a new report by the bipartisan policy center says without congressional action the u.s. will smash into its borrowing limit as early as mid-february. are we doomed to default or will lawmakers be able to get the ball rolling and solve this crisis? i don't know. we have a money power panel to help us sort it all out. the former tennessee governor, phil bredesen, from the fix the debt committee. douglas holtz-eakin formerly of the cbo and evan bayh, former senator and fox news contributor. wow what a power panel. i hardly know where to start. phil, you think it is appalling we gotten this far. why? >> i just think play games, the political games with the faith and credit of the united states is a crazy position to be in. like playing with fireworks and playing with matches in a fireworks factory or something. i understand the need to deal with entitlements and to reduce costs on that but there are other ways of doing that. there is the whole sequester thing coming up down the road. i j
FOX Business
Jan 10, 2013 6:00pm EST
leaders of this country who are saying, you have to raise that debt ceiling. >> a little hypocritical. these business leaders of the same ones to say we have to do something about our enormous debt, and what will cause a wire to our nation's finances continuing to go around borrowing a trillion dollars year after year after year. the phony issue, people are saying if we don't pass the debt ceiling it's a default. that is off the table. the constitution prevents a default on the national debt. revenues come in even after we pass -- you know, past the date which we have not passed the debt ceiling. what it means is it is more like a government shut down, not a default on debt. and shame on the media and people. gerri: there are other things that are bad that may happen like a sell-off in the stock market. the last time we tested this result of 2,000 points in the stock market, and i think that is what they are reacting to. they don't want to see that happen again, and they don't want to see executive to five executives across the country tie up the purse strings. i think they have pract
FOX Business
Jan 4, 2013 6:00pm EST
this is that it would avoid the debt ceiling fight because if you print money and you use that as the basis to borrow, well, then you can say that yourself because you just printed up money. anybody, i think with an iq above broccoli should certainly understand that if you have created is completely false economy by prince tomentum a corn to that is utterly worthless other than you told people that it's worth something and that's the basis of borrowing money, the only people crazier than the ones meant in the coin would be the one suit would let america barrault of such a funny : >> at some people the -- at some point people stop believing your promises. >> people need to understand that government cannot just keep giving things. you know, i wish sometimes we would replace the speech by president kennedy. the democratic republican thing because he's a democrat. but it clearly said, and he was part of that vision. when i was a child remember him saying at the inauguration, ask not what your country can do for you. ask what you can do for your country. we need to raise americans to believe that their r
FOX News
Jan 8, 2013 1:00pm PST
raise the debt ceiling unless you tell the american people what you are going to spend this newly borrowed money on and do so in the form of a budget. it's really not a crazy idea. >> neil: byron york, thank you my friend. to a senator that has had enough. my next guest, 20% across the board cuts, he wants, ron johnson. what is the reaction? >> calling for what i was talking about is putting myself back in business mode. if you have departments that are not functioning, you say your budget is cut 20%. that is how you make things more efficient. our agencies, that would be the way to do it. i have sat through hearings how to improve performance and in the end is to get these agencies is cut their budget. >> neil: what about making republicans more efficient. what happened to you, you lost the election you lost your backbone? >> i don't believe so. i certainly have you. if you are talking about the fiscal cliff, back in 2003 they made tax cuts temporary. they extended the temporary nature come two years but come january 1st income tax was going up. so this was protecting 99% of amer
Jan 5, 2013 7:00am PST
confrontations over the debt ceiling are expected to get as intense if not worse. the debt ceiling is the legal limit on the nation's borrowing. in his weekly address, the president says he is taking a hard line on the issue. >> one thing i will not compromise over is whether or not congress should pay the tab for the bill they've already racked up. if congress refuses to give the united states the ability to pay its bills on time, the consequences for the entire global economy could be catastrophic. last time congress threatened this course of action, our entire economy suffered for it. our families and our businesses cannot afford that dangerous game again. >> as you would expect, republicans are also drawing a line despite approving the fiscal cliff compromise. gop lawmakers say it was missing something monumental -- long-term spending cuts. here's a clip of their weekly address. >> the simple truth is that we are in this fiscal mess because washington takes too much of your money and then waists it -- then wastes it. that's the real problem and needs a real solution. we have to make sure wa
Jan 5, 2013 10:00am PST
bonds. the debt ceiling law was established to give the u.s. treasury the flexibility to borrow money without going to congress to get approval every time a bill was passed. it had absolutely nothing to do with spending control or debt control. it was a technicality. most functioning countries don't have any such thing because they understand that if the government spends the money it has to pay the bills. republicans seem to think the debt creeling is is a good tool to limit how much the government spends. the current debt ceiling was officially hit on december 31st, but like last time the u.s. treasury is using extraordinary measures to get it through. and sometime about late february or early march, they might. if congress doesn't act by then, the government risks not being able to pay some of its bills. now, as if that's not enough, by march 1st we could be heading off the sequester cliff. that's because the fiscal cliff deal that passed last week put off what to do with government spending for two months. blanket cuts are still mandated by law to take effect unless both parties c
Jan 7, 2013 5:00pm PST
that the people using the debt ceiling as leverage to reduce the deficit don't seem to mind playing another billion dollar game of chicken. it looks like some republicans might already be backing off this fight overall. but in "the wall street journal" in an interview, john boehner, house speaker, called the debt bill "one point of leverage." but also acknowledged it's not the ultimate leverage. so where are they going with all of this? i'm going to john nichols tonight, washington correspondent for the nation magazine. john, good to have you with us. it's a game of chicken they are playing on sunday's "face if nation." senate minority leader mitch mcconnell dodged a series of questions about his stance on the debt ceiling and leverage. let's take a look. >> what i'm willing to say is if the president won't lead us here in the direction of reducing this massive spending addiction that we have, then we have to use whatever leverage we have. and there are some examples of leverage coming along. the debt ceiling is one of them, that hopefully would get the president engaged, even though he see
Jan 7, 2013 8:00pm PST
as a partial government shutdown. raising the debt ceiling isn't about future spending, it's about past spending approved by congress. default would cause an immediate financial collapse with long-term national and global consequences. it's estimated the 2011 standoff increased the nation's borrowing cost by $1.3 billion in that year alone. it amazing me that the people using the debt ceiling as leverage to reduce the deficit don't seem to mind playing another billion dollar game of chicken. president obama said he would not negotiate over the debt ceiling. it looks like some republicans might already be backing off this fight overall. but in "the wall street journal" in an interview, john boehner, house speaker, called the debt bill "one point of leverage." but also acknowledged it's not the ultimate leverage. so where are they going with all of this? i'm going to john nichols tonight, washington correspondent for "the nation" magazine. john, good to have you with us. it's a game of chicken they are playing on sunday's "face if nation." senate minority leader mitch mcconnell dodged a s
FOX News
Jan 8, 2013 10:00am PST
in the debt ceiling, which is an authorization to borrow money is inquestionably a revenue measure, you see where the power lies. i don't think there's any case here and i don't think that the administration thinks there's a serious case. but as you said, some in congress argue that and there are some in the media say the same thing. >> megyn: it would be an interesting situation congress refusing to raise the debt limit and the president running to court or at least saying to the nation, i can do it by myself when we've had, you know, congress in the past debate this repeatedly including when then senator obama was in the senate, you shouldn't raise the debt limit, it's irresponsible, and weakens us and americans deserve more. and can't have somebody let's not raise the debt and congress says don't raise it, but i'm going to overrule because i'm the chief executive. >> it would be against what not only what he, you know, the votes he casts in congress and what he says at the time, but i think he said, you know, last year when this was under consideration that his lawyers have advised him t
FOX News
Jan 6, 2013 1:00pm PST
for another fiscal show down over the borrowing limit. democrats say congress must raise the debt ceiling to pay the bills. republicans insist any debt hike should be accompanied by spending cuts. >> my idea is to have a comprehensive view. we talk about tax simplification and fairness as something we should be engaged in long before the fights came along. now we have a chance to do that with a heightened awareness bit public on why we need to do certain things. let's put on the table what it is we can in order to increase revenue. >> it underscores the appetite for more taxes on the other side. we resolved the tax issue a few days ago. everyone taxes are going up because that is how the law was written. a few days ago 35 percent of -- 95 percent of senate republicans voted for tax release for the american taxpayers and not a single republican senator voted to raise anyone's taxes. >> molly is covering this live from washington, dc. what is the latest? >> rather than private negotiations president obama is drawing public lines in the sand over fiscal fights ahead trying to win over americ
FOX News
Jan 6, 2013 5:00pm PST
together. >> mike: the precursor that many of us see this vote being. the debt ceiling ahead. will the house say, look, we're not going to continue to let you borrow money if you have no intention of stopping run away spending? >> i'm going from my freshman to my sophomore year. i've been there two years, many of us thought that he would behave like bill clinton, once he lost big in the first off election year, 2010 he'd come to the center. he didn't do that. so now you see our house-- i was just there yesterday. they are more focused than ever to engage in this fight. whether it's going to be during the debt limit debate that's going to come in two months or we have a cr debate and the government is funded through the march of this year. to fund the government the rest of the year, have another opportunity for a spending fight. you're ready to have people who will engage the way they never have before to save this country. >> mike: one of the things you did sponsor was a piece of legislation that said you're going to freeze the pay for members of congress and a lot of people
Search Results 86 to 100 of about 134 (some duplicates have been removed)